Commercial Development Company, Inc. (CDC) announced the acquisition of a 162-acre retired lumber mill property in Coos Bay, Oregon. The site was acquired by CDC affiliate Coos Bay LLC and purchased from Georgia-Pacific West, LLC. The transaction includes the acquisition of real estate, machinery & equipment, and assumption of environmental liabilities. CDC affiliate Environmental Liability Transfer, Inc. facilitated the transfer of environmental liabilities.
CDC will now perform demolition, liquidate surplus equipment, remediate environmental issues, and prepare the site for redevelopment.
“We are excited to continue our acquisition efforts in the Pacific Northwest,” said Adam Kovacs, Vice President at CDC. “Our acquisition of the Coos Bay lumber mill is the first step to repurposing the property and moving it back into productive use – the site has outstanding port development attributes and we are looking forward to the environmental and economic benefits that this transaction brings to the region.”
The property includes 2 private rail spurs connecting to Union Pacific rail lines, heavy power, and easy access to US Route 101. Additionally, the property has outstanding potential for international shipping operations and development with access to Pacific Ocean shipping channels via two onsite docks – a 1,200-ft deepwater dock and a 200-ft concrete dock. The property is also located in a Foreign Trade and Enterprise Zone.
Regional economic development organization South Coast Development Council, Inc. assisted CDC during their acquisition process by connecting them to local resources, utility providers, officials, and potential end users.
The Coos Bay Lumber Mill operated for 25 years and produced dimensional lumber sold and distributed globally. At its peak, the large lumber mill generated up to 500,000 board feet per day. The property is bounded by GMA Garnet to the west, the Coos Bay upper channel on the northern boundary, and Isthmus Slough along the eastern boundary. The lumber mill officially retired in April 2019.
News Writer : Çetin KAYA
436 viewed times. / 20-02-2021 added.
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